In today’s modern world, most of us have heard about cryptocurrency. For those who are unaware of it, here’s a simple definition; a cryptocurrency is a form of digital currency which involves verified transactions, the records of which are kept by a decentralized system through the use of cryptography. There is no centralized authority overseeing cryptocurrency transactions.
Understanding the Basics of Cryptocurrency Trading
Cryptocurrency is a technology. Its transactions are entirely digitalized and have changed the business model of how currency was used in the past. A person can send cryptocurrency to another person without an intermediary such as a bank. There are various cryptocurrencies available in the market but Bitcoin is the one with the highest market cap. Since 2017, trading cryptocurrencies have received a lot of attention from old and new investors alike. Put simply, cryptocurrency trading includes conjecturing on future value developments within the crypto market. In its most straightforward structure, trading requires the purchasing and selling of cryptocurrencies to produce beneficial results for the trader. To achieve this undertaking, you need to have a solid handle of what cryptocurrencies are and what influences their market developments. It’s important to note that fundamentals won’t necessarily affect crypto prices as they do with traditional stock prices.
When it comes to cryptocurrency trading, there are several risks involved. The digital nature of the currency means there’s no physical form of cryptocurrency; therefore you cannot physically hold or touch it. In addition, the technology is decentralized thus no central entity has control over the cryptocurrency network. If cryptocurrency is mishandled or hacked, very liJle can be done by authorities to help get your funds back. Because of this, it is important to understand how to properly handle and store your cryptocurrency. Also, the value of the cryptocurrency fluctuates greatly making prices very volatile. What may be worth thousands today may not be worth but a few dollars tomorrow. But in contrast, what may be worth a few dollars today may be worth many times tomorrow.
It is necessary to choose a dependable cryptocurrency exchange, a trading website for cryptocurrencies. One website that has been gaining attention and receiving positive reviews is BiONE Exchange (www.bione.me). It is a Singapore based cryptocurrency exchange founded in May of 2018. It has offices in the US, Canada, China, and Taiwan. Registration on BiONE is easy and doesn’t require KYC (Know Your Customer), which makes the process a quick one. Once registered, newbies to crypto can purchase their initial crypto using their credit card. From there, they can trade in over 300+ different crypto trading pairs. For those that already own cryptocurrencies, they can deposit their funds directly into BiONE wallets for free.
There are a few benefits of being a registered user of BiONE:
BiONE’s robust security: adheres to the ISO27001 international information security management system (ISMS). Simply said, BiONE makes sure your private information and funds are handled in the most secure manner.
Mobile Support: BiONE’s interface is very user-friendly on both desktops and mobile devices. It is extremely smooth, clean, and provides all the tools you need in a trading platform.
Number of cryptocurrencies: Whether you’re someone only interested in trading Bitcoin, only into altcoins (any other crypto besides Bitcoin) or both, then BiONE is the right platform for you since it has more than 300+ different cryptocurrency pairs.
BiONE’s customer support: The exchange provides active customer support to all their users to help with whatever issues that may arise. Their Telegram community is another place where live support can be provided: https://t.me/BIONE_EX
BiONE is in compliance with all the current guidelines and regulations. They have also acquired their MSB monetary services business license from the U.S.. You can check it out for yourself at https://www.fincen.gov/msb-state-selector by simply searching for BiONE or any other exchange you’re researching.
BiONE Provides Mobile Support
Many professional cryptocurrency traders prefer to trade on desktops however with today’s “always-on-the-run lifestyle” a considerable number of people may prefer doing cryptocurrency trading on their smartphones. BiONE has mobile apps to allow for that. The app is available on both the AppStore and Google Play or you can download it directly from https:// www.bione.me/en_US/appDownload.
BiONE Trading View
Different exchanges have different trading views making it difficult to say which is the best for anyone, as these things are subjective. Typically, trading views show the request book data, a value outline of the selected cryptocurrency, and the request history. There should also be buy and sell data. Before trading, try to examine the trading view so you can see if it has all these necessary components and what feels right for you. This is the trading view at BiONE which I found complete and very user-friendly. Feel free to check it out for yourself (https://www.bione.me/en_US/trade/BTC_USDT):
BiONE Fees BiONE Trading fees
All trades on exchanges take place between the maker and taker. The maker’s order exists in the request book before the transaction occurs. The maker “makes” the order in which it hopes to transact. The taker puts in an order that matches (or “takes”) the maker’s order. The maker-taker model is beneficial for traders and exchanges. By giving the makers a discounted transaction fee, makers are incentivized to create more liquidity on the market.
The trading fees on BiONE are lower than the global industry average, which is a good thing. Takers fees are 0.2% while, maker fees are 0.1%, considerably less than other exchanges around the world. So overall, fees are very low on BiONE and a huge advantage for BiONE users as active users can save considerable money from transaction fees.
BiONE Withdrawal fees
As an example, BiONE also has lower than global average BTC withdrawal rates at 0.0005 BTC compared the industry average of 0.000812 BTC per BTC withdrawal.
BiONE is a partial on-ramp exchange meaning users can buy crypto directly on the website using their Visa or MasterCard. Fees for this service are higher than if one was to link their bank account and transfer fiat onto their crypto exchange, however it may be more convenient as it can be done in minutes vs. days. The fee is 1.99% credit card fee plus a 5% market spread. Below is the buy interface when utilizing credit cards to buy crypto:
Clients can also make free deposits to their BiONE crypto wallets from outside the exchange. Once deposits are made, users can begin trading right away without needing to pass KYC requirements making the process quick and hassle free.
BiONE is an up and coming mainstream crypto exchange and already comes highly recommended by many of its users. If you are looking for a new exchange or are a first time crypto investor, register on BiONE and begin experiencing a smooth and powerful trading platform that’s secure and easy to use. (https://www.bione.me/en_US/register).
(Syndicated press content is neither written, edited or endorsed by ED Times)